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We examine what full access to dividend imputation credits means for Australian retirees in two ways. First, we show that availability of imputation credits can justify a significant home bias towards Australian equities in retirement portfolios, largely at the expense of world equities. Second, we estimate the value of imputation credits to retirees, finding it could potentially support increased consumption during retirement of 5%-6%, or the equivalent of a higher balance at retirement by 8%-9%. Our study provides insights relevant for public policy.

This study illustrates methods for estimating fund capacity, highlighting the sensitivity of estimates to the approach and identifying key drivers. The analysis applies measures to an actual equity fund; coupled with modeling for Momentum and Value signals.

Equity home bias for Australian super funds is modelled as a 2-asset choice under the influence of legacy, a trade-off between expected returns against portfolio risk and peer risk, and adaptive expectations, and taxation differences.

Skill is identified for a comprehensive sample of active Australian equity funds by analyzing trades inferred from monthly holdings, including examining performance by different types of categorizing trades and across funds styles.

Examines the implications of dividend imputation for stock prices and returns, cost of capital, project evaluation, capital structure, payout policy and investor portfolios. it is argued that its removal would be detrimental.

Investigates performance persistence for Australian equity funds using holdings data. Significant persistence is found among outperformers rather than underperformers, and is primarily related to security selection skill.

Examines the issues and methods for evaluating the capacity of a fund that invests on an investment signal. Discusses how capacity is defined; identifies ten drivers; and outlines approaches for conducting capacity analysis.

Investigates the extent to which the liquidity of Australian stocks is affected by the market structure under which stockbrokers provide a combination of stock trading, research, and investment banking services.

Australian superannuation fund members are surveyed to gauge motivations behind defaulting, as well as their wants and needs from their pension fund. Comparison is made with findings from interviews of fund executives.

Reports on interview with Australian superannuation fund executives about how their organisations responded to the MySuper regulatory framework for default retirement savings funds that was put in place at the beginning of 2014.

Summary of CIFR project examining the ‘MySuper’ default superannuation fund regime. Outputs includes 5 working papers plus multiple journal articles; and includes industry analysis, interviews with executives and a member survey.

This paper reports on interviews with executives from the Australian superannuation industry around in-sourcing of asset management. A framework is proposed that asset owners can use for making and implementing decisions to manage in-house.

Discusses how the difficulty of investing for the long-term is compounded by the need for principals to monitor agents under uncertainty over payoffs that may not arrive anytime soon. Solutions are offered for investment organizations.